Suntec reaps revamp benefits
Suntec City’s REIT parent has announced an 11 per cent boost in its income distribution in the quarter to December 31 as the reconfiguration of its crown jewel centre begins to bear fruit.
ARA Trust Management (Suntec), manager of the Suntec Real Estate Investment Trust, announced it will redistribute S$64.6 million for the quarter. CEO Yeo See Kiat, said the increase was largely due to the completion of Suntec City Phase 2, which boosted the contribution from Suntec Singapore and from income received from an office complex it acquired in Sydney, Australia, a year earlier. As at 31 December 2014, Suntec REIT had assets under management valued at S$8.8 billion, a portfolio dominated by office buildings. But Suntec is a key component, and something of a showcase.
Suntec is now undergoing Phase 3 of its redevelopment and Yeo said the company had already achieved 91.3 per cent leasing commitment for the entire remaking of Suntec City to-date. “The team is working actively on the leasing of the remaining space.”
Of the already completed phases 1 and 2, occupancy is 99.6 per cent and its other major mall property, Park Mall, is fully leased.
The overall committed occupancy for the retail portfolio stood at 99.7 per cent as at 31 December 2014.
“Our current priorities are to focus on the completion of the remaking of Suntec City as well as proactive lease management to maintain our high occupancy levels of both our office and retail portfolios,” said Yeo.